NASHVILLE, Tenn., Sept. 25 Medication therapy management(MTM) provider PharmMD has signed three organizations to its growing list ofclients: Belmont University; Nukote, Inc.; and SVP Worldwide, owner of SingerSewing Company and VSM Sewing, Inc.
As an MTM provider, PharmMD works with self-insured employers, healthplans and other organizations that sponsor health benefits to reduce the costof providing drug benefits and improve the health of individual patients. MTMhelps guard against medication error, misuse and overuse by ferreting outcostly medication duplication and preventing harmful drug interactions thatcan result in avoidable medical care.
Medication-related health issues are partially responsible for the risingcost of healthcare, which has outpaced inflation for decades and is placingfinancial pressure on businesses across the country. The Institute ofMedicine has estimated that 1.5 million Americans are harmed by medicationerrors each year. Studies published in the Annals of Internal Medicine assertthat more money is spent addressing problems caused by the misuse ofmedication benefits than is spent on the initial benefit.
"Every day, individuals nationwide fall victim to medication errors. Manyexperience dramatic and negative results. In addition, the organizations thatemploy and insure these patients experience unnecessary financial strain andemployee absenteeism," said Bo Bartholomew, co-founder and CEO of PharmMD."PharmMD's mission is to addresses these issues in a way that improvesindividual health and reduces the cost of providing drug benefits."
PharmMD's work with Belmont University, Nukote and SVP Worldwide willinclude a wide array of MTM-related services, such as: periodic medicationreviews for each participant; active medication monitoring by licensedpharmacists using PharmMD's proprietary software platform; and directpharmacist-to-patient and pharmacist-to-physician intervention when apotentially harmful drug interaction is identified. PharmMD's recent workwith other clients has produced $3 of healthcare cost savings for every $1spent on its services.
"At a time when businesses across the country are facing continualincreases in the cost of providing employee health benefits, PharmMD offers aunique and important service that helps alleviate that financial pressure,"said Kevin Pataluna, vice president of human resources for Nukote. "Inaddition to realizing cost savings, we're pleased to offer a new service toour employees that will help keep them healthy and safe frommedication-related harm."
PharmMD is headquartered in Brentwood, Tenn. The company's web site canbe accessed at http://www.pharmmd.com .